本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 15 日 (二)股东大会召开的地点：广西南宁市青秀区民族大道 126 号龙滩大厦 26 层 2601 会议室 证券代码：600236 证券简称：桂冠电力 公告编号：2025-020 广西桂冠电力股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 审议结果：通过 表决情况： (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 383 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 7,208,226,343 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 91.4473 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 股东大会的召集、召开形式、程序和表决方式符合《公司法》及《公司章程》 的规定，大会 ...

东方华银关于桂冠电力 2024 年年度股东大会的法律意见书 上海东方华银律师事务所 关于广西桂冠电力股份有限公司 为出具本法律意见书，本所律师审查了公司提供的本次股东大会的相关资 料，包括但不限于公司召开 2024 年年度股东大会的通知、公司 2024 年年度股东 大会的议程、议案及决议等文件资料，同时听取了公司董事会秘书就有关事实的 陈述和说明。公司已向本所作出保证和承诺，保证公司向本所提供的资料和文件 均为真实、准确、完整，无重大遗漏。 本所律师仅就本法律意见书出具日以前所发生的事实以及本所律师对有关 法律法规的理解发表法律意见。 本法律意见书仅供公司为本次股东大会之目的使用，不得用于其他任何目 的。本所同意本法律意见书作为公司本次股东大会公告材料，随其他资料一起向 社会公众披露，并依法承担相关的法律责任。 本所律师根据法律法规和《公司章程》的要求，按照律师行业公认的业务标 准、道德规范和勤勉尽责精神，现出具法律意见如下： 一、本次股东大会召集、召开的程序 2025年4月23日，贵司第十届董事会第十次会议作出决议，决定召开2024年 年度股东大会。贵司已于2025年4月25日将本次股东大会的召开时间、地点 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) due to improved water inflow leading to high performance growth and favorable hydroelectric power configuration value [5]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 95.98 billion yuan, a year-on-year increase of 18.63%, and a net profit attributable to shareholders of 2.283 billion yuan, up 86.26% year-on-year [7]. - The company plans to distribute dividends of 0.12 yuan per share (tax included) at year-end, with a cumulative dividend payout ratio of 70.77% for 2024 [7]. - The company’s performance in Q1 2025 showed a revenue of 19.45 billion yuan, a decrease of 8.7% year-on-year, but a net profit of 5.43 billion yuan, an increase of 26.36% year-on-year [7]. - The company is focusing on expanding its hydroelectric capacity, with ongoing projects expected to contribute to future performance growth [7]. Summary by Sections Market Performance - The closing price as of May 14, 2025, was 6.36 yuan, with a total market capitalization of 50,131.92 million yuan [3]. Financial Forecasts and Valuation - Revenue projections for 2025 are estimated at 96.08 billion yuan, with a net profit of 2.613 billion yuan, corresponding to a P/E ratio of 19.19 [6][8]. - The company’s return on equity (ROE) is expected to be 13.28% in 2025, indicating strong profitability [6]. Operational Highlights - The company’s total installed capacity reached 13.9 million kilowatts by the end of 2024, with significant contributions from hydroelectric power [7]. - The company’s electricity generation in 2024 was 364 billion kilowatt-hours, a year-on-year increase of 28% [7].

Core Viewpoint - The company, Guangxi Guiguan Electric Power Co., Ltd., is set to hold its 2024 annual performance briefing on May 22, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The meeting will take place on May 22, 2025, from 15:30 to 16:30 [5]. - It will be held at the Shanghai Stock Exchange Roadshow Center, accessible via video live stream and online interaction [2][5]. - Investors can submit questions from May 15 to May 20, 2025, before 16:00, through the Roadshow Center website or via the company's email [2][6]. Group 2: Participants - Key participants include the Chairman Zhao Dabin, Independent Director Pan Bin, Chief Accountant Sun Yingang, Secretary of the Board Wu Yushuang, Director of Investment Development Wu Wu, Director of Finance Lu Wenzhong, and heads of Marketing and Fuel Management Huang Yong [5]. Group 3: Investor Participation - Investors can join the performance briefing online on May 22, 2025, and the company will address common questions during the session [6]. - After the meeting, investors can review the session's details and main content on the Roadshow Center [6].

证券代码：600236 证券简称：桂冠电力 公告编号：2025-019 广西桂冠电力股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 （二）会议召开地点：上证路演中心网站（网址： https://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 投资者可于 2025 年 5 月 15 日 （星期四） 至 5 月 20 日 （星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ggep600236@163.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 广西桂冠电力股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日发布公司 2024 年度报告，详见上海证券交易所网站 （www.sse.com.cn）。为便于广大投资者 ...

Core Viewpoint - The company reported a revenue of 9.598 billion yuan for 2024, an increase of 18.63% year-on-year, and a net profit attributable to shareholders of 2.283 billion yuan, up 86.26% year-on-year, although below the expected 2.465 billion yuan due to underperformance in thermal power [1][2] Financial Performance - In 1Q25, the company's revenue decreased by 8.70% year-on-year to 1.945 billion yuan, with a net profit attributable to shareholders of 543 million yuan, reflecting a year-on-year increase of 26.37%, but still below the expected range of 573-653 million yuan due to lower-than-expected power generation [1][2] - The company declared a dividend per share (DPS) of 0.205 yuan (tax included) for 2024, with a payout ratio of 70.77%, fulfilling its commitment to maintain a dividend payout ratio of no less than 70% for the year [1] Power Generation Breakdown - In 2024, the company's total power generation increased by 27.77% year-on-year to 36.424 billion kilowatt-hours, driven by a 44.94% increase in hydropower generation to 30.583 billion kilowatt-hours due to water recovery [2] - The company added 874,700 kilowatts of new energy capacity in 2024, with solar power accounting for 91% of the new installations, resulting in a 104.17% year-on-year increase in solar power generation [2] Future Outlook - The company anticipates further improvement in hydropower utilization hours in 2025, as the average utilization hours for hydropower in 2024 were only 90% of the average from 2017-2023 [1] - The target price for the company's stock is set at 7.79 yuan, maintaining a "buy" rating, despite a downward adjustment in profit forecasts for 2025-26 due to significant pressure on thermal power trading prices [3]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a significant increase in net profit but lower than expected due to underperformance in thermal power generation and asset impairment losses [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 9.598 billion yuan, a year-on-year increase of 18.63%, and a net profit attributable to shareholders of 2.283 billion yuan, a year-on-year increase of 86.26% [1] - For Q1 2025, the company reported operating revenue of 1.945 billion yuan, a year-on-year decrease of 8.70%, and a net profit attributable to shareholders of 543 million yuan, a year-on-year increase of 26.37% [1] - The company plans to distribute a final dividend of 0.12 yuan per share, resulting in a total annual dividend of 0.205 yuan per share, which accounts for 70.77% of the net profit attributable to shareholders in 2024 [1] Group 2: Hydropower and Thermal Power Performance - In 2024, the company experienced a significant increase in hydropower generation due to abundant rainfall in Guangxi, with hydropower generation reaching 30.583 billion kWh, a year-on-year increase of 44.94% [2] - Thermal power generation was negatively impacted, with a decrease of 47.02% to 2.656 billion kWh in 2024 [2] - Overall, the company's total power generation and on-grid power generation were 36.425 billion kWh and 35.804 billion kWh, respectively, representing year-on-year growth of 27.77% and 29.07% [2] Group 3: Q1 2025 Performance and New Energy Growth - In Q1 2025, the company’s total power generation was 7.449 billion kWh, a year-on-year increase of 4.78%, with hydropower generation increasing by 23.90% [3] - Thermal power generation further declined by 75.25% to 296 million kWh due to pressure from hydropower and new energy generation [3] - The company’s installed capacity for wind and solar energy reached 872,500 kW and 1,458,400 kW, respectively, with significant year-on-year increases, leading to a higher proportion of new energy generation [3] Group 4: Profit Forecast and Valuation - Based on the operational data for 2024 and Q1 2025, the company has adjusted its net profit forecasts for 2025 and 2026 to 2.815 billion yuan and 2.936 billion yuan, respectively [4] - The company’s clean energy proportion is steadily increasing, and its dividend payout ratio is among the highest in the industry, indicating long-term value despite short-term price fluctuations [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown stable performance in hydropower, with new energy sources opening up growth opportunities [1] - The company reported a total revenue of 95.98 billion yuan in 2024, a year-on-year increase of 18.63%, and a net profit attributable to shareholders of 22.83 billion yuan, up 86.26% [6] - The company plans to distribute a final dividend of 0.12 yuan per share, resulting in a total dividend of 0.205 yuan per share for the year, which represents 70.77% of the net profit attributable to shareholders [6] Financial Data and Profit Forecast - Total revenue is projected to be 99.30 billion yuan in 2025, with a year-on-year growth rate of 3.5% [5] - The net profit attributable to shareholders is expected to reach 28.15 billion yuan in 2025, reflecting a decrease from previous estimates due to lower expectations for thermal power generation [6] - The company’s gross profit margin is expected to improve to 47.6% in 2025, with a return on equity (ROE) of 15.0% [5] Operational Highlights - In 2024, the company’s hydropower generation increased significantly to 30.58 billion kWh, a year-on-year growth of 44.94%, while thermal power generation decreased by 47.02% [6] - The company’s new energy capacity reached 1.872 million kW by the end of 2024, with significant increases in both wind and solar power generation [6] - The company is expanding its new energy projects, including a recent announcement for a 100MW wind power project [6]

证券代码：600236 证券简称：600236 公告编号：2025-018 广西桂冠电力股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 15 日 9 点 00 分 召开地点：广西壮族自治区南宁市青秀区民族大道 126 号龙滩大厦 2601 会 议室 股东大会召开日期：2025年5月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 15 日 至2025 年 5 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东 ...

股票代码：600236 股票简称：桂冠电力 编号：2025-017 广西桂冠电力股份有限公司 第十届监事会第五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 广西桂冠电力股份有限公司(以下简称公司)第十届监事会第五 次会议于 2025 年 4 月 23 日上午 10:30 在广西南宁市民族大道 126 号 龙滩大厦 2601 会议室以现场表决方式召开。会议通知及文件于 2025 年 4 月 11 日以电子邮件方式发出。 会议由江荣军先生主持，会议应出席监事 5 人，实际出席 3 人， 委托出席 2 人。监事会主席霍雨霞因另有公务未能亲自出席本次会议， 书面委托监事江荣军代为出席并代为行使表决权。监事李德庆因另有 公务未能亲自出席本次会议，书面委托监事王作青代为出席并代为行 使表决权。本次会议的召开符合《公司法》《公司章程》的有关规定， 合法、有效。会议审议并通过了如下议案： 一、以 5 票赞成，0 票反对，0 票弃权，审议通过了《公司 2024 年度监事会工作报告》 该议案尚需提交股东大会审议。 二、以 ...